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Section 179 of the tax code allows you to deduct substantial costs of business property purchases in the tax year they are made. Without this provision, the costs of items such as furniture and other equipment special to your business would have to be recovered through depreciation over several years, says Scharin.

If you operate your business out of your home, you could be entitled to a home office deduction. With this tax break, you can convert some of the maintenance cost of your home to tax deductions.

'The insurance on your house or if you need a new roof, a percentage of these costs would be deductible,' says Scharin. The amount is figured using the percentage of space that your home office represents.

A business owner also can hire the spouse and kids as long as they do real work for the company. 'That gets additional income to them and provides deductions to the business,' says Luscombe."